Inside Asian Gaming

OCTOBER 2018 INSIDE ASIAN GAMING 13 Universal declares Japan IR ambitions with new Tiger Resorts branch Universal Entertainment Corporation has announced that it will open a Japan branch of Tiger Resort, Leisure and Entertainment Inc (TRLEI) – the operating company of its Okada Manila integrated resort in the Philippines – ahead of a planned bid for a Japanese IR license. According to Universal, the purpose of the Japan branch, to be located in Tokyo, will be “for research and analysis of the Integrated Resort Implementation Bill of Japan and study of the potential of a casino resort business in Japan in the wake of the enactment” of the bill. It added that the Japanese business could potentially work in conjunction with Okada Manila as a “future business contact” for customer solicitation and marketing activities. The former Chairman of both TRLEI and Universal, Kazuo Okada, has long stated his desire to operate an IR in his home country but this is the first time since his ouster last year that Universal has made clear its own Japan ambitions. Melco Resorts requests delisting from Philippine Stock Exchange Melco Resorts and Entertainment (Philippines) Corp (MRP) has requested to be delisted from the Philippine Stock Exchange. In a September filing, MRP said it had also been informed by its controlling shareholder, MCO (Philippines) Investments Limited, of the latter’s intention to conduct a public tender offer for up to 1.57 billion publically-owned and other MRP common shares at an offer price of Php7.25 per share. MCO (Philippines) Investments Limited is the controlling shareholder of MRP with its 3.95 billion shares representing a 72.77% stake in the company. MRP added that the tender offer period would run from 3 October to 30 October 2018 with shares to be delisted from the Philippine Stock Exchange effective 13 November 2018. If fully executed, the tender will cost Melco Resorts around Php11.2 billion (US$208 million). Brokerage Sanford C Bernstein stated in a note that the transaction should be viewed favorably “as it will reduce some of the complexity in Melco by eliminating a publicly traded affiliate with limited liquidity and allow Melco more flexibility in further growing the Philippines business.”